Union Jack Oil cheers US$6mln Wressle revenue milestone

Union Jack Oil PLC today cheered the passing of its latest revenue milestone, as the Wressle field has now generated more than US$6mln of net revenue for the company.

The 40% owned single-well UK oil field, in Lincolnshire, has been producing ahead of original expectations since production resumed in August 2021.

In a statement, Union Jack highlighted that the well continues to produce under natural flow with zero water cut and site upgrade operations are ongoing.

"Another period of stellar performance from the Wressle-1 development has been achieved,” said executive chair David Bramhill.

"Union Jack is now on a material growth trajectory which augers well for the future of the company and its shareholders."

As of May 23, the company said it has some £7.7mln of cash and short-term receivables, it is covered for all G&A, OPEX, and planned CAPEX, and remains debt free.

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